super glad you bought the split. i was hoping it would stay in the family. hopefully you don't end up living out of it.
if you need quick dollars, go with Sandeeps idea. you will be able to get the big dollars in quicker that way.
if you have the time, part it. you will get more dollars, but slower and run the risk of the left overs and taking a bath on those.
personally, i would probably go with option one just to be done with it and have all of the attention on the new addition.